Bob Larson Marketline Report Tuesday May 16th
by Bob Larson, click here for bio

Program: Market Line
Date: May 16, 2017

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This is Bob Larson with the Market Line Report for Tuesday May 16th. Weather in the Midwest continues to keep grain traders scratching their heads. With more from the floor of the CME in Chicago, here’s Alan Knuckman …

Knuckman … “July wheat was down 2 ½ percent, down 10 cents today, $4.22 in a front month contract which has been a weather market. We did have a big bounce here in the Midwest in the grains. If you remember, May 2nd, we had a big rally on cold and snow concerns, and damage being done with some dire consequences. Obviously, the price back off now, down to this $4.20 level, tells us there wasn’t as much damage done as initially thought. So, this has been a 10% straight down move as the price shock potential petered out and we’ve had a decline back to where we started.”

Chicago June Wheat prices closed yesterday dn 9 ½ at 423 - July corn ended the day dn 3 ¼ at 367 ½

Portland prices for soft white wheat of Ordinary Protein for June ended the day unchanged ranging from 4-75 to 4-85 Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 10 ¾ ranging from 5-03 ½ at 5-13 ½ DNS wheat with 14 % protein, prices for June were dn 6 ½ ranging from 6-40 to 6-65

Live Cattle for June were dn $2.72 ½ at 122.42 ½ May Feeder cattle were dn $2.02 ½ at 142.47 ½ Class III milk was up 02 cents at 15-60.

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